Spring Energy plans to acquire a 17.5% stake held by Marathon Petroleum Norge in production licence 438 in the Barents Sea.

An exploration well is expected to be drilled in the licence targeting the Skalle prospect, this year.

Lundin is the Operator for licence, while the other partners include RWE Dea, Talisman and Petoro.

With the completion of the transaction, Spring Energy will hold a total of 25 licences on the Norwegian Continental Shelf.